Right after Thanksgiving, holiday shopping will really take off — especially online. But the season comes with a warning of targeted scams that will be all too present during the Black Friday weekend.
“Most of these advertisement are to tell you that there is something great happening, either a great investment or a great gift or a great product at a very low price,” said scam expert and CEO of Lionsgate Network Bezalel Eithan Raviv. Lionsgate Network is a blockchain security and recovery company.
“One out of three Americans are going to be targeted between Black Friday to Cyber Monday, so make sure to stay hyper alert,” he said.
Raviv said targeted messages on platforms, such as Facebook and Instagram, will often use financial incentives on how to earn additional income at the end of the year.
Transactions involving Bitcoin and other cryptocurrencies are a specific tool they may use to trick unsuspecting consumers.
“The tactic to get them is FOMO (fear of missing out) … on something they’re not involved with and they wish to be a part of based on profit. It all speaks to your need, your desire to make money through something you know nothing or very little about,” he said.
Once cryptocurrency is stolen by fraudsters, it can be extremely difficult to recover without organizations, such Lionsgate Network, as well as police and court action to freeze assets before fraudsters can spend it.
Raviv told WTOP that, for most people, fraudulent advertisements can be near impossible to detect.
Beyond financial incentives and a great deal on products, targeted messages may also pull on your heartstrings.
Scammers may ask you to donate to a cause you are passionate about this giving season, but the money will actually be going to organized criminals.
They will often use sophisticated algorithms to scan your social media profile and choose a cause that may be important to you.
Raviv said that while consumers are online — especially on social media — they are broadcasting information about themselves “from day to night. That information can be used against you.”
He recommends, instead of falling for any of these ads, go directly to the company or nonprofit’s website separately and look for the same offer to make sure what you are seeing is legit.
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